Bitcoin (BTC -4.48%) was the first cryptocurrency and remains the largest name in the business more than a decade later. Cardano (ADA -4.72%) is a blockchain platform for smart contracts with an ambitious long-term road map.
Both of these digital coins soared in 2021 and crashed in the first half of 2022. Could their prices stabilize and restart their stalled growth trajectories this year? Let’s take a closer look at Bitcoin and Cardano to find out.
The case for Bitcoin
As of June 15, Bitcoin’s price has plunged 69% below November’s all-time highs, landing at roughly $21,000 per coin. The largest cryptocurrency hasn’t seen prices this low since December 2020. Bitcoin has generated market-beating returns over the last two years, despite the negative vibes in recent months:
Generally speaking, Bitcoin’s recent price drop has been tied to the same investor fears that weighed on Wall Street’s growth stocks. Inflation is skyrocketing in America and around the world. The government is lifting interest rates to fight inflation, which is bad news for growth stocks and cryptocurrencies. People are looking to limit their exposure to financial risks these days, and that strategy includes stepping back from volatile investments.
On top of that market-wide trend, crypto investors have been spooked by the collapse of the stablecoin platform now known as Terra Classic, halted withdrawals from the Celsius Network crypto-based savings service, and other worries unique to the cryptocurrency market. Each one of these concerns tends to drag Bitcoin down again, even if the news didn’t have any direct links to this specific digital coin. The captain is supposed to go down with the ship, you know.
There are brighter days ahead — maybe not right away but in the long run.
This bear market will end, as every economic crisis eventually does. Meanwhile, domestic and foreign regulators are hammering out legal frameworks and taxation systems for these newfangled digital assets, and even an overly draconian set of regulations will be better than the unclear guidance that exists today. The beaten-down crypto sector will make a comeback.
Bitcoin’s function as a simple payment system and ultra secure system for storage of economic value is crucial to the future of decentralized finance, Web3, and the metaverse. There are other cryptocurrencies that serve a similar function, often started as direct clones of Bitcoin’s program code, but none can match Bitcoin’s massive market footprint.
Any system or service that needs to manage financial transactions will almost inevitably support Bitcoin, usually as the first-choice default. And every new Bitcoin-powered product adds to the digital currency’s market power. This is a situation where having the first-mover advantage gives Bitcoin a powerful edge in the long run.
Bitcoin’s rebound may not start until Washington (and Beijing, and Tokyo, and Berlin, and…) put the final signature on their detailed cryptocurrency regulations. But when they do, you don’t want to be left on the sidelines.
The case for Cardano
The smart contracts platform’s future may be even more thrilling than Bitcoin’s.
Cardano is compatible with smart contracts developed for the market-leading Ethereum platform, even though this system wasn’t built to meet the ERC20 token standard from the start. The functionality was added in a later code upgrade, managed by a plug-in blockchain called Milkomedia that also adds cross-chain functions similar to the Polkadot ecosystem.
The powerful Milkomedia addition highlights Cardano’s flexible blockchain network. Over time, I expect this development platform to continue gaining new features while staying on the forefront of blockchain innovation. Cardano already supports decentralized lending and borrowing functions, yield farming protocols, non-fungible tokens (NFTs), and much more.
If Bitcoin provides the capital of the future, Cardano is poised to deliver a lot of the functionality of decentralized banking and transaction services. This coin is not trying to kill or replace Ethereum, which looks likely to remain the overall market leader for smart contracts. Instead, Cardano gives app developers access to unique elements and features along with high-speed processing of transactions and smart contracts.
And don’t forget that Ethereum’s total market value is $130 billion today versus Cardano’s $16 billion. Cardano can double Ethereum’s long-term returns even if it grabs just 20% of the larger cryptocurrency’s market share.
Who’s the big winner?
There are no losers in this race. Cardano appeals to a different type of investor than Bitcoin, offering larger potential returns in a more competitive subsector. If I have to pick just one winner, it comes down to this fact: Bitcoin is the closest thing to a guaranteed winner in this explosive market. Long-term investors should build the crypto-focused corner of their portfolios around Bitcoin, leaving a smaller space for the more exciting but less predictable Cardano coin.
PrivaCrip to Power a Blockchain Network That Could Follow Cardano & XRP
When the first decentralised blockchain was popularised in 2008 by Satoshi Nakamoto, the door was open for people across the globe to transact more securely and seamlessly. Many blockchain networks have been built and powered by native crypto tokens, including PrivaCrip (PRCR).
Native tokens exist for several reasons. Aside from acting as digital currencies, they perform various functions. Helping blockchains improve data traceability, security, transparency, and trustworthiness shared throughout the network. They also assist in reducing costs through their ever-evolving efficient methods.
Cardano (ADA) and Ripple (XRP) are among the best blockchain-based cryptos that this article will discuss. We will also look at how PrivaCrip (PRCR) will power a blockchain network set to launch into the crypto space.
Top Tier Crypto Makes its Mark – Cardano (ADA)
Cardano (ADA) has been around in the crypto space since 2017. The Proof-of-Stake (PoS), Ouroborous Cardano (ADA), was established using a research-based methodology.
Research is the backbone of Cardano (ADA) and is integral to its success in the cryptocurrency market. Cardano (ADA) uses an evidence-driven mechanism and peer-reviewed research to run its ecosystem to drive its evolution.
Among many things, Cardano (ADA) helps establish DeFi products and provides a suite of financial solutions. Crypto enthusiasts can stake Cardano (ADA) for a chance to earn rewards for their holdings.
With 2022 providing challenges in cryptocurrencies across the globe, Cardano (ADA) is one of the few cryptos to see a surge in on-chain trading volume this year. CoinMarketCap lists Cardano (ADA) as the 7th largest crypto by market capitalization at the time of writing.
Making Waves – Ripple (XRP)
Launched in 2012, Ripple (XRP) is a leading provider of crypto solutions for businesses. Ripple (XRP) provides developers with a solid open-source foundation for executing demanding projects. It is fast, energy-efficient, cost-effective, and reliable.
The solutions provided by Ripple (XRP) enable developers to solve inefficiencies, including asset tokenization and remittance. Therefore, individuals and businesses may apply Ripple (XRP) for DeFi, payments, tokenization, and more.
Crypto enthusiasts with a long-term focus may find Ripple (XRP) a valuable investing tool. Token holders can use Ripple (XRP) for staking its mainnet platform for a chance to grow their earnings and maximise profit.
The New Face Of Privacy – PrivaCrip (PRCR)
The soon-to-launch PrivaCrip (PRCR) is a cryptocurrency built for Web3 data privacy. It will allow users to develop and use permissionless and privacy-preserving applications. This unique feature of PrivaCrip (PRCR) secures apps, protects users, and fosters the creation of many new Web3 uses.
PrivaCrip (PRCR) will drive a blockchain that creates a more empowering and inclusive internet. It will enable developers to build secure dApps using private contracts based on original privacy research (OPR) to revolutionise Web3.
PrivaCrip (PRCR) will begin pre-sale soon and has an initial token price of 0.10 USD. According to the whitepaper, there will be a total supply of 190 million tokens, of which 40% of the total supply will go to the pre-sale.
Crypto enthusiasts who purchase PrivaCrip (PRCR) during the pre-sale will receive the most significant long-term rewards and bonuses. Those who buy with Bitcoin (BTC) will receive a 10% bonus. Also, those using Ethereum (ETH) to purchase will receive 15% of the total PrivaCrip (PRCR) they purchase as a bonus.
10% of PrivaCrip’s (PRCR) total supply is up for distribution as staking rewards, meaning that token holders who stake will receive rewards for their contribution to the crypto’s advancement.
Blockchain networks are continuously evolving, and so are the crypto tokens that power them. Cardano (ADA) and Ripple (XRP) have contributed tremendously to the success of their blockchain networks, gathering mass appeal.
PrivaCrip (PRCR), for its part, will drive a security-enabled blockchain and scalability in private DeFi, empower data tokenization, and bring together a fast-growing community. Acting on its promise, it has the potential to become the next big mover in cryptocurrency.
For more on PrivaCrip (PRCR), check below:
Cardano (ADA) Withdrawal Fees Waved by Bitrue Exchange
Singapore-based cryptocurrency exchange made Cardano one of its base trading pairs earlier this year
Singapore-based cryptocurrency exchange Bitrue announced that it had temporarily waived withdrawal fees for the Cardano (ADA) cryptocurrency.
The trading platform says that the move is meant to celebrate the support it received from the community behind the cryptocurrency.
Users will be able to withdraw ADA without paying any fees until mid-September.
Bitrue has stressed that it wants users to have “as much choice as possible” when it comes to custody options. Those who want to hold their ADA tokens will not be able to do so without paying an additional commission.
At the same time, Bitrue has touted its “Power Piggy” yield-farm investment program for those who want to earn passive income with ADA.
As reported by U.Today, Bitrue introduced the token as its base currency back in February.
In June 2021, it also became the first cryptocurrency trading platform to add support for Cardano-based native tokens.
Last month, Bitrue also announced a staking initiative with the ADA cryptocurrency. It decided to contribute a million tokens to some of the top Cardano staking pools in an effort to boost the level of decentralization.
Earlier this year, SundaeSwap (SUNDAE), the native token of the SundaeSwap exchange, also became available on Bitrue.
WingRiders Losses 59% Of Its Total Value Locked, Plunges Cardano TVL Below $100M
Popular Cardano-based decentralized exchange WingRiders has lost its position as the most valuable DEX on Cardano.
WingRiders slumped from the first position to third after losing more than 59% of the total value locked (TVL) on the platform in the past 30 days.
At the time of writing this line, WingRiders is now the third-largest DEX by total value locked, with a TVL of $19.66 million. It is noteworthy that WingRiders maintained the top spot for more than two months, claiming 42% of TVL On Cardano. However, the DEX has fallen from glory ever since.
Minswap Is Now Cardano’s Most Valuable DEX
The development also affected the total value locked on Cardano. The total value locked on Cardano has fallen below $100 million in the last 30 days after the WingRiders TVL slumped.
Interestingly, Minswap has taken the lead to become the most valuable decentralized exchange on Cardano after the massive decline of WingRiders’ TVL.
At press time, Minswap is leading, with a $49.09 million total value locked on the platform. The DEX hit the milestone after recording a massive growth of 30.9% in its TVL in the past 30 days. Minswap accounts for 51.82% of the total value locked on Cardano.
SundaeSwap, the first decentralized exchange on Cardano, is now the second most valuable DEX in the ecosystem. SundaeSwap is second in the ranking, with $19.72 million in TVL.
Like WingRiders, SundaeSwap has also lost a significant amount of its TVL over the past 30 days. In the past month, SundaeSwap has lost nearly 10% of the funds locked on the platform.
Commenting on the development, Cardano Daily, a platform that shares new developments about Cardano, said:
“After the major decline of @wingriderscom, the TVL scenario of the Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem.”
CARDANO TVL STATUS
After the major decline of @wingriderscom, the TVL scenario of the @Cardano ecosystem has stabilized back to normal as we have seen in the past few weeks. @MinswapDEX still led the ecosystem with $51M TVL, contributing 50% of the ecosystem#tvl #cardano $ADA pic.twitter.com/xjZ6cHo8jX
— Cardano Daily (@cardano_daily) August 9, 2022
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